{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{4}{cc}}
\hline\hline
                    &\multicolumn{2}{c}{(1)}           &\multicolumn{2}{c}{(2)}           &\multicolumn{2}{c}{(3)}           &\multicolumn{2}{c}{(4)}           \\
                    &\multicolumn{2}{c}{\shortstack{$\Delta G$ \\ (Sectors)}}&\multicolumn{2}{c}{\shortstack{$\Delta G$ \\ (Sectors)}}&\multicolumn{2}{c}{\shortstack{$\Delta G$ \\ (Firms)}}&\multicolumn{2}{c}{\shortstack{$\Delta G$ \\ (Firms)}}\\
\hline
$\Gamma_t$          &       1.010\sym{***}&     (0.190)&       0.884\sym{***}&     (0.177)&       0.883\sym{**} &     (0.257)&       0.791\sym{**} &     (0.256)\\
L.$\Gamma_t$        &                     &            &      -0.655\sym{***}&     (0.177)&                     &            &      -0.534         &     (0.269)\\
L2.$\Gamma_t$       &                     &            &      -0.364\sym{*}  &     (0.176)&                     &            &      -0.374         &     (0.265)\\
\hline
Observations        &          72         &            &          72         &            &          72         &            &          72         &            \\
\(R^{2}\)           &       0.287         &            &       0.422         &            &       0.144         &            &       0.203         &            \\
\hline\hline
\multicolumn{9}{l}{\footnotesize Standard errors in parentheses}\\
\multicolumn{9}{l}{\footnotesize \sym{*} \(p<0.05\), \sym{**} \(p<0.01\), \sym{***} \(p<0.001\)}\\
\end{tabular}
}
